I pose today to Mr. Herbert the same question that Thomas Babington Macaulay posed in 1830 to the irrational pessimist Robert Southey – a question that Mr. Ridley wisely quotes as the introduction to Chapter 1 of his book: “On what principle is it, that when we see nothing but improvement behind us, we are to expect nothing but deterioration before us?”*

Indeed, even today’s economic woes are tame and tender when considered in historical perspective. The heavy hand and sticky fingers of government might yet prove Mr. Ridley’s prediction to be mistaken. But if we somehow manage to keep markets reasonably free and private property reasonably secure, the future will shine even more brightly with prosperity and opportunity.